Malaysia’s Tenaga unit to buy 39% stake of Sunseap’s five projects in Vietnam

Photo by Mariana Proença on Unsplash

TNB Renewables Sdn. Bhd., a wholly-owned subsidiary of Malaysian national electricity company Tenaga Nasional Berhad (TNB), will acquire a 39% stake in five solar rooftop projects of Singapore’s leading solar energy provider Sunseap Group in Vietnam.

The projects in southern Vietnam with a total capacity of 21.6 megawatts peak (MWp) were completed in December 2020.

Sunseap currently holds a 90% stake in the five projects. After the acquisition is completed by the first quarter of this year, Sunseap will own 51% while Sun Times Energy JSC, an existing shareholder, will continue to hold 10% equity interest.

“This transaction marks the beginning of a partnership with TNB which will pave the way for a long-term business relationship between Sunseap and Malaysia’s leading utility company and TNB’s expansion into the regional solar industry,” said Frank Phuan, Chief Executive Officer of Sunseap.

TNB’s President and CEO Datuk Ir. Baharin bin Din said that this acquisition will serve as a beachhead for TNB to establish a local presence in Vietnam and expand into the rapidly growing RE and utility market in Vietnam.

Earlier on Tuesday, Sunseap and Tenaga announced their plan to form a joint venture to participate in a tender for a Singapore government’s two-year trial to import 100MW of electricity from Malaysia.

Sunseap has a pipeline of projects in Singapore, Australia, Vietnam, China, Taiwan and Cambodia.

Last year, Singapore’s state-owned investment firm Temasek Holdings and ABC World Asia, an Asia-focused impact investing private equity (PE) fund, had invested S$50 million ($36.8 million) in Sunseap. In 2019, it completed a $150-million Vietnam solar farm project which is one of the largest solar farms in the country.

Meanwhile, TNB has a presence in the UK, Kuwait, Turkey, Saudi Arabia, Pakistan, India and Indonesia. TNB targets its RE generation capacity at 8.3 GW by 2025.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.